Embattled Australian gaming operator The Star has reportedly revived plans to sell its stake in Queen’s Wharf Brisbane.
According to the Australian Financial Review, the deal is being made with its joint venture partners Chow Tai Fook and Far East Consortium.
This comes after a previous sale agreement was terminated as the parties were unable to agree on key components of the sale. Following the negotiation breakdown, Star was liable to pay some AU$10 million ($6.52 million) to the JV partners, as well as AU$31 million ($20.2 million) before September 5th. The negotiation breakdown also saddled The Star with its portion of debt relating to the project – totaling over AU$700 million in liabilities and AU$350 million ($228.1 million) in development costs.
According to sources cited by the publication, a binding deal regarding the sale has already been reached.
The Star on Tuesday halted trading of its shares on the ASX, pending a ‘further announcement’.
